Hypothetically, if I found a property with strong rental demand, the income could cover loan payments, operating expenses, and generate a modest positive cash flow.While this example involves upfront risks, the idea would be to leverage my father’s expertise as a contractor to minimize renovation costs, boost the property’s value, and create a long-term asset that appreciates over time.

This isn't 2011-2013 days but many people are stuck in that time period STILL.As I finish my licensing study, I'm very grateful I chose this route as opposed to being a one trick pony.Wholesalers did themselves in by their method of operating.  

Quote from @Jesse Valdez: When operating a business, it pays to know the laws.In most states, guests staying fewer than 30 days can be removed by police for failure to pay rent or obey the rules.

Not an expert here but my Brother is a heavy equipment operator in Northern CA and did a lot of the fire clean up when those fires happened and he mentioned contractor might need hazard waste removal license..

Hey @Sara Valentine,It sounds like this is a common problem with many other STR and MTR operators locally and across the country. 

The BEST method for real estate investing is very simple: increase earnings, reduce expenditures, save, and invest from your own funds.You should focus on increasing earnings and learning how to manage your budget.

While I don't believe that you need a full blown business plan, strict operational budget, timeline, scrum board, etc...

From my understanding, as long as you intend on doing a STR when you close, there are no rules against changing your strategy after closing, especially if you find that something else is more profitable.So in our case, the lender determined an STR would bring in ~$3500/month (with all of their conservative factors), but now that we operate it as a huge 3300 sqft Co-Living property, it actually brings in $7000/month.

The second page is a page for the doctor or professional stating what the tenant is requesting and giving them a little info as to why we the landlord are asking for it. the 3rd page is the ASR with simple yes-no questions. the 4th page is the approval or denial with what information was considered as well as contact information if you want to allow the 2nd review if a larger company.  

But it seemed to me that their simple system would be easy to apply to the general REI market and make it work well.I took my time and went through the course over the full four weeks that they allowed me.